Bk 7 filers: Any regrets?

Can't you make minimum payments?

F.Y.I. NEXT CARD is now owned by the F.D.I.C.

 

I'm going on 6 years since my BK filing. Here are my thoughts:

- It was my only choice at the time, but getting into such debt was due to my own stupidity (not saving, spending too much money.

- Immediately started rebuilding credit with secured credit cards and got my boyfriend to co-sign on an unsecured card with me.

- I was able to get an "A" rate mortgage after 3 years. I am currently refinancing again.

- Was able to get a car loan at 6.5% after 4 years.

- Unable to get an unsecured card for any lower than 12%. Turned down repeatedly for most other kinds of credit cards.

I wish it wasn't on there, but that's the way it is.

 

I was buried in medical bills after my husband died. One of the doctors went after my paycheck, or I would have continued paying, even as they added interest and fees to where I would never have paid it off. I would do it again in a heartbeat, given the same situation, only I would do it before I had paid out so much money trying to do the "honorable" thing.

Maybe the interest and collection agency/lawyer fees and the judgment that sent me over the brink made sense to them, I don't know. Today, I have the sense to say "they asked for it." I was paying them, they had no mercy.


It's been 12 years, it's long ago off my reports. It occasionally comes up because I am an insurance agent, but it's not a problem.

My only regret is that I didn't keep all the documents, because after a couple of months, everything is sent to the national archives. I have had to pay for document retrieval several times.

One other regret is that my bk info is posted on a court website where anyone can get my full name, DOB and SSN. I wrote asking them to remove the personal info, got no reply.

 

I just recently filed, and haven't got to the court date and though all this federal court stuff makes me anxious, I am glad the phone stopped ringing. Before I did it I literally had 45 calls in one day from various creditors. Some will keep on trying regardless of stay (sending letters) but now they have all stopped calling. If I make it through the 341 meeting without having a heart attack lol, I should be in good shape.

 

Wow, Breeze... I'm so sorry to hear about your husband. I didn't know you had to file either!

I filed a year ago and have no regrets as of yet. I have to admit it does feel very awkward sometimes. I didn't wait until my credit went 'bad'. I knew because of all the changes I had happen in a short period of time that I really had no other alternative. I looked to negotiate with them, tried calling about 4 credit management places and no one could help.

If there is anyway to avoid it of course try. That's all I can suggest.

So Breeze, what kinds of things did you encounter after you filed?? Any trouble renting or with applying for jobs and such?

This is probably a stupid question, but after the 10 years, do you still have to answer that "yes" you've filed for bk??

Thanks for all your help!! You're a huge asset to this board!!!

 

The only time I would advise someone NOT to seek BK protection is if they are involved in a civil suit where there is an expectation of substantial damages.(workman's comp. settlements are exempt from BK lien)
Evem the "little" debts can be turned over to a single collection agent for a consolidated legal action.Plus, years later,on the successfully filed judgments you are still subject to liens and garnishment.Waiting until you are sued to file can be risky,as a creditor can challenge your filing.Plus, if you file before the accounts look too bad,and "save" some paid off unused credit from your BK,you are ahead of the game.

 

NO. Sometimes we are in an impossible position. BK is the only way out. I did it and suffered the consequences but I don't wan't to hear any bitching about get a second job etc. These comments are too stupid to comment on.

 

WELL EXCUSE ME!!!!!!!!!!!!

I WAS NOT THE FIRST ONE TO SUGGEST A SECOND JOB...

Too many people buy too much "STUFF" and "TOYS" and CARS they can't afford, and go BK.

If it was "MEDICAL" related, that's totally different!!!

 

Thanks, it was a long time ago (now) and not a sensitive subject at all.

I didn't encounter any problems. I have never rented from huge corporations, always from individuals - they don't care as long as you can show that you've always paid your rent, and you haven't been evicted.

As far as how I answer, I tell the truth. The one thing that could get me in trouble is lying about it. I have never (to my knowledge) been refused a job. And if they did, that's ok, cause I wouldn't want to work for them anyway.

When I filed, I went to my supervisor and told him what was happening, so it didn't jump up and bite him too. He handled the higher-ups for me. And I stayed with that company for several more years.

The question is almost always on insurance licensing forms and sometimes on appointment forms. All they care about is people who file on certain kinds of obligations (involving money held in fiduciary capacity). They care a whole lot about people being dishonest. I would never lie about it. I have had to explain, provide proof that it was discharged, but that is all. It's just another boulder in the landscape of my life.

People attach a lot of moral and other stuff to it - it's a business decision. Businesses bk with no moral implications. Individuals bk, some want to pass judgment. That's their problem. Forget them.

If you are having to answer that question, read the question carefully, and only answer what they ask. If it says "ever" it means ever. If it says "in the last 5 years" just answer about the last 5 years. One problem people have (with insurance applications for instance) is talking too much and answering questions that haven't been asked.

 

No regrets. Medical reasons and a divorve. 2 complicated to discuss. My view is not aimed at anyone. Just my view.

Walk a mile in my shoes and you will understand!

 

This site has helped me put something in order that I never thought of before. Medical problems can wreak havoc for many people and thank goodness my husband and I both have plenty of medical insurance...BUT...we didn't have Long Term Care Insurance in case either of us needs at some point to go into a nursing home or have Home Care. I'm looking into policies now. One offered by my company plan and some others. These costs can exceed $200 a day and could surely spin a family directly to bankruptcy without coverage. I always have had Long Term Disability Insurance and will keep up those premiums too.

 

Good medical insurance is a must. Be sure to look at any caps on payout. Many plans cap out a $1,000,000 lifetime limit. That's really not much, when you consider cost of medical care these days. However, often in these situations, many people are just too sick to manage their affairs, the billing gets screwed up, the insurance doesn't pay because it's never filed or filed incorrectly, and down you go.

 

I filed for bankruptcy on 11/27/01, had my 341 meeting on 1/4/02 and was discharged on 3/11/02. After months of worry, I feel relief and a sense of wanting to rebuild.

At first I was terribly ashamed of filing bankruptcy and didn't let many people know what I had done. However now that I have shared my story with friends and family, they are very understanding. They know the type of person I am. They know I spent 18 months looking for a better paying job (I had left a well paying job due to stress and finally accepted one paying 50% less than my previous job), exhausted my savings, gave up my apartment and moved in with a friend, took on a part-time job and raided my pension fund in order to keep up the payments on my credit cards and car loan.

Granted my credit is shot for a while, but I no longer have to worry how I'm going to come up with $700 extra a month. I no longer have to work 60 hours per week - seven days a week. I no longer have to stay up nights trying to figure which bills I can pay and which can be delayed. Now I actually have a little money to spend. Now I am able to save 10% of my income. Now I am able to relax and concentrate on other things in life.

Yes...there have been sacrifices and I did end up surrendering my car (I could have kept it, but decided I would rather work a normal 40 hour week than work an extra job just to have a car). However I don't regret filing for bankruptcy. I did my best for 18 months to do the honorable thing. I even went to the local CCCS office for assistance and they recommended bankruptcy. So I went to the library and read books on bankruptcy then downloaded the Ziinetplus.com software, filed my own bk w/o a lawyer and the rest is history.

Call me crazy, but someday I would like to fulfill my obligations and pay all my creditors in full. However right now my concern is just rebuilding and starting over fresh.

 

After the 341 meeting I came out of the building, got in my car, and smiled For the first time in years I felt like the weight of the world had been lifted off me.

Best decision I ever made. Made rebuilding credit easier. Creditor mistakes after the bk (pursuing me) get several trade lines off the report thanks to their incompetence...

Make the decision as though you're a business. Take all emotion out of it, write down your options, add weights to them... see which one is best.

 

The day I got my discharge papers back in Oct of 1997, I felt the weight of the world lift from my shoulders. I, too, tried to do the right thing and did exactly that - I took the emotion out of it and thought what was best for my fledgling family - BK won hands down. I'm now 29 and my BK will be long gone by the time I'm 35. My goal was to get it out of the way early.

 

I filed a little over 5 years ago and I'm ok with my decision. I was able to get an A- loan on a new home 23 months after the discharge. Several lenders said no, but a broker found me a lender who gave me a very fair loan. I was able to get secured cards, and I've bought a couple of new cars at slightly higher interest rates but I quickly paid them off with a low interest HELOC. It is interesting that my financial situation changed a year after I filed, as my new income could have allowed me to pay off the 50,000 in debts reasonably fast. But to answer your question again, no, I do not regret having filed BK7.

 

my only regret is that I spent 4+ years trying to repay debts instead of filing sooner. In my opinion, trying to pay them back is honorable, but if the reality of the situation is that you will just end up paying them back for a few months, then go file bankruptcy, don't wait. File now, save the money you were paying to the unsecured creditors to pay off your bk attorney and start rebuilding your credit now. I've rented from large corporations, and while I hated having to answer about the bk, it didn't prevent me from getting the rental. Look at how much money you are paying every month to credit cards. If your situation is not going to drastically change, ie, you come into a large inheritance or you get a killer raise, then why keep killing yourself to pay them. And to the person who suggested a second job-- I did that- for 2+ years, I worked 2 jobs, and also went to CCCS for help. After being out of work for 3 months and not being able to pay CCCS, the whole thing went down the drain. So, yes, you can kill yourself and pay it off in 6 or seven years, or you can file now, and get a fresh start.